Minimum insurance requirement for building and contents

retired2011

What would you consider as the minimum requirements for building and contents insurance for a house occupied by 2 over 65s?

For instance I don't see the point on insuring the carpet for accidental paint spillage as I would just get a new carpet because if I claimed I suspect the excess and increased premiums would be more than a new carpet would cost.

Any other exclusions/suggestions?

forgotmyname

Just get basic buildings and contents without accident cover,

Is legal protection extra? Do you need that?

Many find it useful for unexpected incidents.

InsideInsurance

2 people over 65 could be a couple living in a two up two down with little more than the clothes they're wearing and a 1980s TV. It could also be couple with a 10 bedroom house, state of the art home cinema, a dozen outbuildings, large collection of Chanel, LV and Hermes handbags, rolex watches and Cartier jewellery. The two different couples would probably have different insurance needs.

Personally, I am really looking at insurance on claims for over £1,000. So that is either single items worth that or multiple items that could be damaged in a single incident. So, accidental damage is less prone to damaging multiple items and I'm less bothered for it in the home.

Do you have expensive items you take out of the home? If you do then Personal Possessions is a sensible precaution and its an all risks cover so does include accidental damage if you do break your expensive watch or drop a ring down a gutter.

rs65

retired2011 wrote: »

For instance I don't see the point on insuring the carpet for accidental paint spillage as I would just get a new carpet because if I claimed I suspect the excess and increased premiums would be more than a new carpet would cost.

Any other exclusions/suggestions?

An insurer wouldn't exclude such a specific risk as that. You could omit accidental damage cover altogether but if you spilled paint and it ruined the carpet, tv and sofa then you might want to claim.

phill99

The minimum amount of insurance that any one should have is a sum equivalent to the reinstatement cost of their home and the replacement (ie new for old) cost of all of their possessions should there be a total loss of everything they own.

The age of the homeowner is irrelevant.

Mungo76

You really need to make sure you insure yourself for the total contents and buildings, a generic home insurance policy will cover all (dependant on the peril/events that are covered). You can't just specify you would claim for your sofa but not your carpet, it all has to be included, and then on a new for old basis.
Go round your house, cost up everything as new today then you have an idea of how much you need to insure by.

Faith177

If you go on the direct line webiste there is a really useful calculator on there that breaks your home down into individual rooms. It has sections for everything.

It's best to insure yourself fully as if the company feel you are underinsured they may apply an average to any claim you make.

Ie if you take out 50K contents and they think you should have had 100K then they would say you are 50% underinsured any claim you have will then be reduced by 50%. So if you are claim for £200 you would only get £100.

inoutnotsure

Agree with RS, insurers are not that specific. The optional extras are the often the items that adds to the over all costs. Nowadays, the amount of building cover is in the '000s and not 000's i.e. £250,000 or £500,000. So it makes little difference in the price.

Contents are on a smaller scale but again this is often £30k, or 50k. Reducing these make little real difference if you still have included/asked for them in your quote.

The major factors that affect the price is the questions the insurers/websites asks i.e. window locks, location, 5 lever motice lock on doors. These often reduce/increase your premium.

jonesMUFCforever

Why not go with an insurance company that has unlimited buildings and contents cover?
That way you can never be under insured.